Brand new for Plus members — earn 3% interest on cash, up to £4,000 :plus_:

Freetrade Chat 🔥
43

Same, there’s never an uninvested balance on my accounts because I always buy something! But I currently put money into accounts paying paltry interest so that might be something to consider.

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44

Thats why i think this is more incentive and more aimed potentially at larger investors who may hold much larger interments. It seems like its more common for them to hold larger amounts of cash.

but the shiny factor plays a part as well.

And still, even £1k held in cash on average is £30, that’s an nice discount brining you down to £7.50/m for example.

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45

So if you have free Plus for life, then this is an awesome savings account!

Also it says the interest is across both ISA and GIA, so to avoid tax stick the £4,000 in your ISA.

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46

How much did you have to invest to get Plus for life?

47

@Freetrade_Team are you able to confirm if this will apply to SIPP accounts also when launched?

48

I think it depended on the round you invested in. Can’t remember the values.

49

I have Plus for life from investing £1000 in round 2. The required amount went up in each round though

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51

Dave, you got an absolute bargain :wink:

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52

I know!

At the rate the share price is going up it might be the best £1K I ever spent!

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53

I got plus for life from R3 - 5k. From memory it went up to 20-25k in R4 or R5.

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54

Round 3 it was 5k :joy:

55

This is a 3% annual percentage rate (AER) which is paid to you on a monthly basis. You can put it toward your next investment, reduce the cost of your membership, or withdraw it anytime and have lunch on us.

Will we be able to purchase the plus subscription via available cash at some point @Freetrade_Team? Would save a lot of hassle having to pay for it via a bank account then withdrawing £9.99 from FT every month

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56

I suspect this may be in the works. A look at the terms shows what happens in the event you do not have enough funds to pay a fee

If the amount of your Available Funds is insufficient to cover any fees that you owe us, for example the Plus fee […]

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57

where did you see this?

58

If you hold stocks in plus they sent you a message in app

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59

I have £3K in cash holdings.

This is a really great offering.

Thank you FreeTrade.

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60

Almost seems to good to be true! Is there a catch like the 3% drops after a certain amount of time? This might actually make me try Plus…

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61

Well since there’s no minimum term for plus (ok, 1 month) then it’s not locking you into anything. Cant imagine why they wouldn’t offer 3% for at least a year, unless the economy collapses.

62

This really is a bit of a masterstroke @freetrade

On the fantasy list of metrics I’d like to see following the announcement:
*movement in growth rate of AUA
*growth rate of new user sign ups
*growth of Plus user conversion

I bet the KPI dashboard is lighting up like a…Christmas tree.

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63

Lots of people won’t immediately spend their whole ISA allowance in April, if you average out the spend over the year you’ll have £4k until ~November and you’ll effectively move £120 from tax liability into an ISA.

Obviously you’ll miss out on returns, but lots of people choose to DCA anyway so it’s a win for them.

I wasn’t going to get Plus before this, even though I’ll have a FT ISA and SIPP but this makes the £4 really worthwhile.

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